Zomedica Announces Strategic Collaboration with Boehringer Ingelheim to Expand Equine Endocrine Diagnostic Testing Using TRUFORMA(R) Platform ELEMENT-- Back to the Newsroom Zomedica Announces Strategic Collaboration with Boehringer Ingelheim to Expand Equine Endocrine Diagnostic Testing Using TRUFORMA(R) Platform Collaboration with one of the world's largest animal health companies expected to accelerate TRUFORMA adoption, expand installed base, and drive recurring diagnostic revenue ANN ARBOR, MI / ACCESS ...

Company Mission and Market Opportunity - Zomedica aims to bring innovative technology to veterinarians, improving pet care, pet parent satisfaction, and practice profitability[10] - The company estimates a $2.5 billion total annual recurring revenue addressable market, focusing on therapeutic devices and diagnostics[15] - The U S total annual serviceable market is $2.5 Billion, with recurring annual revenue ranging from $650 to $24,000 and per unit capital revenue ranging from $4,500 to $30,000[22] Financial Performance and Growth - Zomedica experienced significant revenue growth, with therapeutic devices growing by approximately 28% and diagnostics growing by approximately 252% in FY23[17, 18] - The company's gross margins are approximately 69%[19] - Total revenue increased from $4.1 million in 2021 to $25.2 million in 2023, a 33% increase from 2022 to 2023[31, 120] Product Portfolio and Innovation - The company's product portfolio includes PulseVet for shock wave therapy, Assisi devices for targeted PEMF therapy, TRUVIEW for digital cytology, TRUFORMA for point-of-care diagnostics, and VetGuardian for pet monitoring[25, 42, 49, 56, 73] - Zomedica plans to launch four to six new assays in 2024, expanding its point-of-care diagnostic solutions[69] Operational Efficiency and Commercial Strategy - Zomedica is focused on achieving operational efficiencies through its two U S manufacturing facilities and integration of Qorvo Biotechnologies' R&D and manufacturing[89, 93] - The company employs a multi-channel sales strategy, including an internal sales force, U S and international distributors, and eCommerce[98] Financial Strength - Zomedica had $90.9 million in liquidity as of March 31, 2024[32]